Nifty Hits 25,000, Extending Gains for Eighth Consecutive Session
Mumbai: The National Stock Exchange (NSE) benchmark Nifty surged to 25,000 in mid-session on Monday, marking its eighth consecutive session of gains. At 1:10 P.M., the Nifty stood at 25,025, up by 201 points or 0.81 percent, while the Sensex rose 671 points or 0.83 percent to reach 81,757.
The Nifty is now only 50 points away from its all-time high of 25,078. The rally is largely attributed to positive sentiments following dovish remarks by Federal Reserve Chair Jerome Powell at the Jackson Hole symposium, which suggested a potential rate cut in September.
Sectoral indices saw significant movement, with Nifty IT leading the gains, up 1.49 percent. Other major gainers included financial services, FMCG, realty, metal, energy, and auto sectors. Conversely, PSU banks and pharma stocks lagged behind.
In the Sensex pack, top gainers included NTPC, HCL Tech, Wipro, Bajaj Finserv, Tech Mahindra, HDFC Bank, TCS, Infosys, Reliance, L&T, Power Grid, and Titan. The biggest decliners were Ultratech Cement, Maruti Suzuki, and Sun Pharma.
Midcap and smallcap stocks also saw buying interest. The Nifty Midcap 100 index increased by 228 points or 0.39 percent to 58,788, while the Nifty Smallcap 100 index was up by 54 points or 0.29 percent to 19,134.
Market experts suggest that Powell’s clear signal towards a rate-cutting cycle could further bolster the global stock market rally. “Powell’s shift from his usual cautious messaging, with a clear indication that ‘the time has come for policy to adjust,’ could act as a modern-day ‘Powell put,’ akin to the ‘Greenspan put’ that supported markets during the Greenspan era,” noted experts.
Choice Broking provided technical insights, indicating that Nifty might find support at 24,750, 24,700, and 24,650, with immediate resistance at 24,900, followed by 25,000 and 25,050.
